AMC Entertainment plans to offer a co-branded credit card for members of its loyalty program in early 2023, a first in the theater exhibition industry and the latest venture by the movie theater chain, which will also begin selling its own popcorn at retailers next year.
The card is a push to attract moviegoers and win over AMC shareholders, which CEO Adam Aron called “a hugely important group that we care deeply about.”
Holders of volatile meme stocks include an army of small or individual investors that Aron works hard to keep engaged and happy. They helped save the company from bankruptcy early last year by bidding up shares and urging each other to buy and hold in social media chat rooms. But AMC has a lot of debt, and its balance sheet has come under renewed pressure recently as the theater business struggles to return to pre-pandemic levels.
The AMC Entertainment Visa Card will allow holders to earn AMC Stubs rewards points with every purchase, with accelerated points at AMC theaters as well as gas stations, grocery stores and restaurants.
Basic AMC Stubs members can convert points into concessions, while A-List and Premiere members can use rewards for free or discounted movie tickets, including the latest blockbusters and all premium formats.
As a promotion, new cardholders who spend at least $50 in the first three months will receive $50 in “AMC Stubs Bonus Bucks” to spend at the theater over the next 90 days.
The company is running a waiting list for the card, and applicants will be entered into a raffle for an unspecified red carpet movie premiere with Aron, who has traveled the country for screenings and premieres.
“The AMC Entertainment Visa is another example of AMC’s continued commitment to providing real value to moviegoers and strengthening the relationship we have with our loyal moviegoers,” he said. “Until now, the theater exhibition industry is one of the few untapped major retail sectors that has not offered consumers the opportunity to increase their spending power, accelerate their rewards and demonstrate their loyalty through the use of a co-branded credit card. With a built-in customer base of tens of millions of existing AMC Stubs members, we know there are avid moviegoers out there who will benefit greatly from using their AMC Entertainment Visa Card at the theater and for everyday purchases.”
The card is powered by credit card technology company Deserve.
